Often after vacationing in the city of Toronto, tourists get it in their heads that they want to move here. They see all the vibrancy and bustle and dream of working for a big financial company and coming home to their lofts. Toronto may have a lot more job opportunities and real estate options than other places in Canada, but if you haven't looked at the home and condo prices, you may be in for a shock. Let this article be your reality check.

Toronto is second only to Vancouver on the list of most expensive places to live in Canada. For 2010, the average price of a home in Canada was $339,000. Narrow it down to Ontario and the price jumps to $342,000. Focus on Toronto real estate in particular and you're looking at an average price of over $432,000. That's almost half a million dollars for the average house. Only Vancouver, at $675,000, is more expensive. It's closest trailing city is Calgary at $398,000.

As with any city, Toronto has its more expensive and less expensive areas, so if you're really determined to move here you should find something you can afford. Likely it will be condos. Toronto has a lot of condos, and since they're the smallest living spaces, they tend also to be the cheapest unless they're located right downtown or on the waterfront. The average for a condo in Mississauga or Scarborough is only about $220,000, which is the price of a large detached home in a small town.

If you're really set on a detached home, you have two choices. You can pay a lot of money to own one close to downtown, or you can save money and buy a home way out in the suburbs. The cheapest place to find houses for sale in Toronto's suburbs is Burlington, where the averages start at $330,000 for a three bedroom bungalow. Scarborough, Richmond Hill, and Woodbridge have some reasonable price points under $400,000 as well.

Toronto is a city with a lot of money, however, and it shows in the price of real estate. There are luxury condos on the waterfront that average at a million dollars even. In Moore Park, Toronto you'd be looking at paying over 2.7 million for a two storey home. Small town houses in the Beaches district average at half a million each as well, as do homes in near-downtown areas like the Annex and Cabbagetown.